A U.S. House of Representatives Bill would amend the Bankruptcy Code to establish new provisions to address the special issues raised by troubled nonbank financial institutions.
Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their affiliates, are now subject to recordkeeping requirements related to their “qualified financial contracts”1 (QFCs).
The Department of Justice is changing its method of providing public notice for civil and administrative forfeitures. The Government has traditionally published forfeiture notices in newspapers. Instead, the Government will now post generalized notices at www.forfeiture.gov.
The Government must provide actual notice of forfeiture proceedings to those the Government knows have claimed an interest in property to be forfeited. In a fact pattern the Sixth Circuit characterized as "befitting a John Grisham novel," the Government dug up (literally) a fraudster’s $250,000 on a golf course. The Government found the money in October 2009 and instituted forfeiture proceedings. In November and December 2009, the Government posted a generalized notice of forfeiture on the internet.